Business
Pioneer Power Announces Filing of Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023
Reaffirms Full-Year 2024 Financial Guidance Expects Exceptionally Strong Second Half of 2024 FORT LEE, N.J.--(BUSINESS WIRE)-- Pioneer Power Solutions, Inc.
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"\nReaffirms Full-Year 2024 Financial Guidance\n\n\nExpects Exceptionally Strong Second Half of 2024\n\n\n FORT LEE, N.J.--(BUSINESS WIRE)--\nPioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer” or the “Company”), a leader in the design, manufacture, service and integration of electrical power systems, distributed energy resources, power generation equipment and mobile electric vehicle (“EV”) charging solutions, today announced the filing of its delayed annual report on Form 10-K.\n\n\nFinancial Highlights for Full Year 2023, as compared to 2022 (restated):\n\n\n\nRevenue was $41.5 million, as compared to $25.9 million during 2022, an increase of 60.3%.\n\n\n\nGross profit was $8.4 million, or a gross margin of 20.1%, as compared to $2.8 million, or a gross margin of 10.9%, for 2022. Gross profit increased 196% in the comparable periods.\n\n\n\nLoss from operations was $2.7 million, compared to a loss from operations of $5.8 million during 2022, a $3.1 million improvement year-over-year. The Company recognized $1.5 million of non-cash, stock-based compensation expense during 2023, as compared to $1.0 million during 2022. Additionally, the Company recognized $885,000 of research and development expense during 2023 and none during 2022.\n\n\n\nNet loss was $1.9 million, or $(0.19) per share, compared to a net loss of $5.4 million, or $(0.56) per share last year, an improvement of $3.5 million.\n\n\n\nThe Company had $18.2 million of federal net operating loss carryforwards as of December 31, 2023.\n\n\n\nTotal backlog increased to $45.2 million as of December 31, 2023, up 18% as compared to $38.3 million as of December 31, 2022.\n\n\n\nExplanatory Note on the Restatement of Previously Issued Financial Statements\n\n\nAs previously disclosed in our Current Report on Form 8-K filed with the Securities and Exchange Commission on June 6, 2024, in connection with the preparation of our consolidated financial statements for the fiscal year ended December 31, 2023, the Audit Committee of our Board of Directors, concluded that certain previously filed financial statements should no longer be relied upon and should be restated. The restatement relates to the recognition of revenues and costs associated with customer contracts that require performance obligations to be satisfied over time and is explained in more detail within the recentl...